You may have spent months if not years crafting your company's name and logo. You know it by heart, and it's been the cornerstone of your brand identity since day one. But while a name can be the foundation of your marketing strategy, it doesn't mean that it has to stay that way forever. There are many good reasons why you might decide to rebrand. We've listed out some signs that can indicate your business is due for a rebrand.
Your brand name no longer reflects your business or vision
Your brand name is an important part of your business, but it's not the only thing that matters. Your brand should be a reflection of your vision and values. If you don't believe in what you're doing anymore, or if it just doesn't match up, it could be time for a change. Ask yourself the following questions:
- What are the core values and goals at the heart of your business?
- Is there anything about them that have changed since you started?
- Are there any aspects about how people perceive or think about your company that no longer align with what you want to achieve?
You can search for the availability of your desired business names by using Registry Australia's business name search tool.
You're failing to differentiate yourself or compete
So, you've considered all your options and have decided to rebrand. But how do you know when it's time?
The answer is simple: If you're not differentiating yourself from the crowd or using your brand as a competitive weapon, then it's probably time to consider rebranding. The most common reason for companies to rebrand is because they want their products and services to stand out in a crowded marketplace. And there are two ways that can happen: by either being different than everyone else or beating them at their own game.
You'll need to decide which avenue makes more sense for your business—and if either one will work for what you're trying to achieve long-term. It's also important that your new name doesn't come across as gimmicky or trendy; otherwise, customers may see it as a passing fad and not make lasting associations with whatever value proposition lies beneath the surface (which could lead them straight back into competition with another company).
You're trying to connect with a new market or audience
If you're trying to attract a new customer base, or if your current brand name doesn't resonate with the new audience, it's worth considering rebranding. A fresh name can help you better connect with your target market.
If your company is branching out into new markets and services—or if you want to expand beyond what’s currently offered under the same brand—rebranding can also be an effective way to reach this new audience.
You're expanding geographically
If you’re expanding your business beyond your local area, it may be time to rebrand. As you grow, your brand needs to be consistent in order to maintain the same message across all locations. You also need to make sure that your business name doesn’t have any double meanings that could come back to haunt you later.
You're struggling to attract new customers
If you're struggling to attract new customers, a rebrand can help.
- Rebranding can help you attract new customers by making your brand more memorable and appealing to potential clients. This is especially true if you've been in business for decades and have grown tired of your current name or logo. If a company has been around for years, it's likely that their previous names have become so familiar that they're no longer effective at attracting new business.
- When deciding whether it's time for a rebranding campaign, ask yourself: "Would I prefer my customer base consist primarily of existing customers who have been with me forever? Or would I rather see my business grow by acquiring new clients?" If the latter sounds better to you, then consider giving yourself an overhaul of sorts.
- To measure success after unveiling your newly branded company or product line, consider how many additional sales come through because people recognize its value right away after seeing all the hard work that went into creating something so compellingly different than what was before it (or them).
Steps for a successful rebrand
Rebranding is not a one-time process. It’s an ongoing process of continuous improvement.
When asking yourself “should I rebrand my business?” Remember, it is a strategy for growth and it's important to make sure that each step you take during this journey aligns with your business strategy.
To secure your desired domain name, trademark and business name for your rebrand, visit Registry Australia.
Before you begin the process of developing a new identity for your company, think about how much time and money you're willing to invest in this project—and what kind of impact it will have on your bottom line if things don't go according to plan!
Thinking of rebranding? Contact us for any assistance.
